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COMMODITIES TECHNICAL ANALYSIS MAY.31

Gold

As a result of strong dollar, gold remained under pressure on the 4-hour time-frame. Quotes decline was stopped by the support at 1200.00 dollars per ounce.

The bulls will regain the leadership if they break through the resistance at 1215.00. Their target will be 1235.00 and 1260.00.

The bears will maintain the initiative if they break through the support at 1200.00. Their target will be 1180.00.

technical_xauusd_31_05_2016_1

Oil

The 4-hour chart showed that Brent oil prices continued to grow. The buyers who returned to the market overpassed the resistance at 49.60 and strengthened above this level.

The bulls will maintain the leadership if they break through the resistance at 50.50. Their target will be 51.50.

The bears will regain the initiative if they break through the support at 49.60. Their target will be 48.60 and 47.80.

technical_wti_31_05_2016_1

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